ON Semiconductor (ON) is working on a potential acquisition of Allegro MicroSystems (ALGM), Bloomberg News reported Sunday, citing people familiar with the matter.
ON Semiconductor has recently been working with advisers to pursue Allegro, the sources said, adding that other buyers could also possibly emerge. Allegro, however, has not made clear yet if it is open to a potential sale.
The two companies did not immediately respond to MT Newswires' request for comment on the matter.
Allegro's shares rose almost 10% in recent premarket activity on Monday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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